The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-24
RS. DUN & CO.'S REVIEW.
Condition OF Business In All
Branches.
sudden Charge Ia the Governs ent's
Policy Brings Bopefalness-
Busfaess Failures.

N.t S'ptehbch So &'' ~
Dun 4 Co.'s weekly review Of trade
says: A sudden change In the gov
srnmapts policy brings hopefulness
to the local money market. Possibly,
indeed, too much may be expected,
Treasury purchases cannot entirely
remove the consequences OF short
eropp, harmful speculation, over hssty
development, or the change Of setive
into fixed capital. Wall street looks
fer the whole Of the $l4, 000, 900, but q
large part OF the bonds will come from
the interior and the money will 20
thither. Much of II Is wanted to meet
commitments in new enterprises and
may be 30 absorbed. The speculative
advances in prices which at once
begun will make moIo money needed
to carry the same stocks or products.
Tne country lie row using outside the
Treasury $l,S23, 900 600 Of various
kinds OF monty, ard clear addition
OF ! per cent, would not 20 very far.
But the disbursements will not b.
wholly additions OF currency to the
sum In use, because government 70.
eeipts exceed regular expenditures by
$2,0O0,000 or more each week. The
best OF 1t Is that the Treasury has
done, and 30 may be expected to do,
whatever II can 60 avoid disturbance.
While money WIS, instantly made
easier In Wal street, IL grove tighter
Throughout the interior. Effects Of
absorption 81 capital In building and
rapid Development, are each week felt
more clesrely. At Cleveland money
is very close. AT Chicago the CON
slant demand from country towns
causes pressure Of which no relaxa.
ton at present is expected. Recent
failures cause caution at Philadelphia.
Former failures also cause pressure at
Cincinnati, where 7 per cent. 10 com.
monty paid. A, New Orleans "money
has not been 30 tight sipce the Grant.
Ward failure" AT Kansas City,
Omaha, and Milwaukee, money 10
close, and from nearly all points col.
lections are reported "slow,' or "only
Ahhhs Duiihk thc past Mttk Lut
treasury has paid out "a. 500,0OO moro
than II has taken in, 30 that It's pay
mens exceeds Its receipts for the
month by 81, 100, 900. Gold 70 atinues
10 arrive from Europe, but no more 10
shipped. Tie merchandise exports
from New York for three weeks ere 8
per cent. above last year, against an
increase Of l0i per cent. In imports
here. IL Is snil the fact that gold
comes only for investment or specula-
ton, 90 tAet encouragement might
turn the tide. Clearlngs continue TO
show an iBcieaee over last year, for
last week z 3 per cent. this, however,
includes large payments on account Of
building and speculation.
Some depression results from recent
failures In the iron trade, and from
continued heavy importatlona, and
while the b.s. brands Of pig are q m,
the heavy output tends 10 weaken
other grades, 0ae large order for
rails has been cancelled. Boot and
shoe sales are not mp to recent expec.
tations, travellers reporting orders con-
trscted by monetary pressure. Leather
anu niuee are consequently uuli, hnu
some stacking In toe wooden goods
trade checks the late promise OF greater
activity In wool. Dry goods txpe-
. riencsd some reaction from the IN.
usual activity in recsnt weeks, bat
prices are almly held. Prices In ths
stock market declined Monday and
Tuesday 10 the lo west OF the year, but
have since recovered smartly. Whea
70 also lif.inga little, and a new spsLu'
lation appears In oil, with some ad'
vance In coffee. The tendency foi
f. tie moment 10 TO advance prices Ia
all markets, ON account Of Treasury
disbursements, but the shortnees o.
4 crops and the absorption OF capital In
TO fixed forms must still have com,
inf 1ence.
The businese failures during tho las
seven days number, for the United
States, 1866, and for Canada, "a, {
total OF 1888, as compared with IS las
week, and 1877 for the corresponding
weak of 1874